Boat Insurance

Protecting your valuable investment and treasured possession is a no-brainer for most boat owners. If you are taking out a boat loan, many lenders will require you to also take out the appropriate insurance.


Boat Insurance

As with all insurance policies, boat insurance policies include specific terms and conditions around what is covered and what is not covered. To select the right policy to meet your needs, you should assess each policy carefully, noting the inclusions and exclusions to ensure they are applicable to how you will be using your boat.

Some state laws require that some boats be covered by insurance. This may depend on where your boat is stored and transported. Eg a trailer boat may be considered as a vehicle and require registration and hence may require third party insurance.

Sourcing Boat Insurance

  • Most of the leading general insurers offer boat insurance policies including GIO Youi NRMA and CGU They are easily contactable both by phone and online to source a quote.
  • Specialist marine insurers are also very prominent in this area. Of note Club Marine is one of the most well-known providers.
  • If you are not confident sourcing your own policy or if you have a high value vessel, you may wish to use an insurance broker to source policy quotes for you. We know people who operate in this space that we can share contact details with you.


  • You will come across differing policies so you need to do your due diligence in deciding which is best for you. Reading the FAQs on each of the insurers’ websites is a good start.
  • Basic policies may cover accidental damage or loss to your boat only, including theft.
  • Some policies may cover damage or injury to persons on the boat and some may include a liability for damage caused by your boat to other people.
  • If you have a home and contents insurance policy and you store your boat at home, you will need to check with your insurer if your boat is covered under that policy and under what conditions.
  • The difference between Market Value and Agreed Value is a key definition in insurance policies. Ensure you are aware and have sufficient coverage for your boat.
  • Most types of boats can be covered under insurance policies: yachts, trailer boats, cruisers, speedboats, jetskis, runabouts, commercial marine vessels etc.
  • As with all insurance policies – if you are unsure – ask questions until you are sure!

We know people in the marine insurance sector and are happy to share the contact with you. Please get in touch.